Switching to a more competitive current account can earn you much more interest and save you money, too.

Eight out of 10 people are considering switching banks this year, but history shows that under 1 in 10 actually do, according to a new survey this week from internet bank Smile.

Even though millions of us are receiving a miserly 0.1% interest on our cash and being charged authorised overdraft rates of as much as 17-18%, many are put off by the perceived hassle of moving their current account to another provider. However, the evidence suggests the vast majority of people don't experience problems.

There are plenty of good deals out there if you're considering moving your current account:

Norwich & Peterborough building society has revamped its current account, the Gold Current Account, so that it now pays a respectable 2% gross interest - 20 times more than the 0.1% that Barclays, NatWest and HSBC pay millions of their customers, as it points out.

Norwich & Peterborough is also offering customers a low 8.9% authorised overdraft rate, and is dangling two further carrots: a bonus payment of £25 for the first 500 people who open an account before March 31, plus a "no cock-ups guarantee" that the society will successfully transfer all your existing direct debits and standing orders within 10 working days of you handing over your signed form. If it fails to do this, it will pay you £50.

To get these rates, you have to pay at least £500 into the account each month. Customers can bank in-branch, over the phone, by post or online, and get a Visa debit card that can be used at Link cash machines.

An in-credit interest rate of 2% is not the best you can get - online bank Cahoot is paying 3.3% gross, while Lloyds is currently offering new customers a rate of up to 3.45%. But it's a decent rate, and Norwich & Peterborough's member-owned status and green credentials may well appeal to the more ethically minded punter.

The society has already automatically switched all of its existing current account-holders over to the new improved one, without them having to ask.

Lloyds TSB's Classic Plus current account is sitting on top of the Moneyfacts best buy table - it boasts an interest rate of 3.45% gross. However, this rate is only available to new customers paying more than £2,000 into their account every month and who log on to its internet banking service at least six times every three months. Also, the 3.45% only applies to the first £5,000 in your account - balances above this amount will only earn 0.1%.

Cahoot 's 3.3% in-credit rate rises to 3.4% if you forego a chequebook.

Smile is paying 3% and Intelligent Finance 2.72%.

Abbey will let new customers choose a higher rate of interest (2.5% gross and an authorised overdraft rate of 14.7%) or a lower authorised overdraft rate (8.7% and a credit interest rate of only 0.1%), provided they put at least £1,000 into the account each month.

Halifax is also offering 2.5% as long as you pay in £1,000-plus per month.

Alliance & Leicester's Premier current account pays 2.1% gross if you pay at least £500 in each month, but you also get two attractive perks: a 0% authorised overdraft of up to £2,500 for the first year, and free annual worldwide travel insurance if you're under 65. In addition to net and phone banking, the Premier account gives you access to A&L's branches and post office branches too.

Citibank recently launched a current account called Citibank Direct paying 3.5% gross. The account operates online and by phone, so you don't get a chequebook.